April 3, 2019 / 3:32 PM / 8 months ago

BUZZ-Tricon Capital: Falls on $1.4 bln acquisition plan

** Shares of real estate investment manager Tricon Capital fall ~6 pct to C$10.89

** Stock down after co says it will buy the limited partnership units of Starlight U.S. Multi-Family (No. 5) Core Fund for $1.4 bln

** The deal, which is expected to close in June 2019, will give Tricon significant presence in U.S. multi-family, which is the largest investible property type in residential real estate, says CEO Gary Berman

** Tricon gains Starlight’s portfolio of 23 Multi-Family properties - 7,289 units located primarily in the U.S. Sun Belt

** Deal includes equity consideration of ~$496 mln funded by issuing 50.78 mln Tricon common shares to Starlight’s unit holders at an implied price of C$13.10 per Tricon share

** Including session’s losses, stock up ~12 pct YTD (Reporting by Shanti S Nair in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below